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Annual Filing for Partnership Firm

Partnership firms must comply with several key regulations, including registering a partnership deed, obtain a PAN and TAN, filing under GST if applicable, and filing annual income tax returns. They must also maintain proper books of accounts, comply with business specific licenses and adhere to several labour law compliances

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Fees for Annual Compliances

Choose your Package

Basic

₹9999

(All Inclusive)

Services
  • ROC compliances

Premium

₹14999

(All Inclusive)

Services
  • Income Tax
  • GST Returns

Gold

₹21999

(All Inclusive)

Services
  • ROC
  • income tax
  • GST
  • HR compliances
Annual Compliance for Partnerhip

Shop and Establishment Act License:

Required if the business has a physical presence. The license must be obtained from the local municipal corporation.

Specific Business Licenses:

Partnership firm needs to comply and file returns under business specific licenses such as FSSAI, IEC, Health licenses, Pollution control licenses etc.

Preparation of Financial Statements (Book keeping):

Preparation of  financial statements, maintaining books of accounts and ledgers are required to keep track of the business’s financial health.

GST returns:

Regular filing of GST returns (monthly, quarterly, and annually) if registered under GST.

Income Tax Returns:

The partnership firm must file their income tax return annually, declaring the business income along with any other personal income. This is usually filed under ITR-3 or ITR-4 forms.

Audit Requirements:

If the turnover exceeds ₹1 crore (business) or ₹50 lakh (professional), or if the profits are less than 8% of the turnover, an audit by a certified Chartered Accountant is required.

Labour compliances:

As a registered OPC, businesses needs to comply with such as minimum wage, overtime, working hours, discrimination, and harassment.

Contract Labour License:

It applies to establishments registered in India, employing 50 or more ( 20 to 50 for Maharashtra) contract labours on a day in the past 12 months. The contractor needs to file half Yearly Return as per Form XXIV to be filed by the contractor within 30 days of close of half year and annual Return to Filed by Principal Employer in Form XXV.

Documents Required

Essential

  • Consolidated financial statements
  • Details of the Partners of the firm.
  • Partnership agreement (if any changes during the year)
  • Details of the Partners
  • Any other necessary documents
Steps for the Partnership Compliances
Step 1: Complete Simple Checklist
Step 2: Preparation of Documents
Step 3: Filing of IT Returns and GST
Step 4: Due Diligence of Labour Lawsc
Step 5: You receive acknowledgement
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Frequently Asked
Questions

What are the Tax Structure applicable on Partnership Firm?

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What are the ITR forms applicable to a Partnership Firm?

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Is it mandatory to file income tax returns if not Registered?

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